Bankruptcy filings are nearing the record 2 million of 2005, when a new law took effect that was aimed at curbing abuse of the system. Filings could reach 1.7 million this year, says law professor Robert Lawless, but few experts believe that debtors are now gaming the system.

Instead, concern exists about a growing number of Americans who need bankruptcy protection but cannot get any benefit from it or simply cannot afford to file. As their financial problems worsen, that hurts everyone because it can hinder the economic turnaround.

“It’s shocking that we are back to the 2005 level,” says Katherine Porter, associate professor of law at the University of Iowa. “And the filing rate doesn’t even begin to count the depth of the financial pain.”

Bankruptcy laws changed in 2005 because filings skyrocketed and credit card companies and banks wanted to weed out deadbeat borrowers. The law made it harder — more expensive and more restrictive — for individuals to file Chapter 7 bankruptcy, which erases most debts.

Instead of seeking protection from bankruptcy, a number of debt-laden Americans have gone into a “shadow economy,” or informal bankruptcy, according to some experts.

The vast majority of the talking heads on television are still speaking of the current economic collapse as if it is a temporary “recession” that will soon be over. So far, the vast majority of the American people seem to believe this as well, although for many Americans there is a very deep gnawing in the pit of their stomachs that is telling them that there is something very, very wrong this time around. The truth is that the foundations of the U.S. economy have been destroyed by an orgy of government, corporate and individual debt that has gone on for decades. It was the greatest party in the history of the world, but now the party is over. The following are 11 signs from just this past month that show that the U.S. economy is headed into the toilet and will not be recovering….

#1) When even Wal-Mart is closing stores you know things are bad. Wal-Mart announced on Monday that it will close 10 money-losing Sam’s Club stores and will cut 1,500 jobs in order to reduce costs. So if even Wal-Mart has to shut down stores, what chance do other retailers have?

#3) American workers are working harder than ever and yet making less. After adjusting for inflation, pay for production and non-supervisory workers (80 percent of the private workforce) is 9% lower than it was in 1973. But those Americans who do still have jobs are the fortunate ones.

#4) Unemployment is absolutely exploding all over the United States. Minority groups have been hit particularly hard. For example, unemployment on many U.S. Indian reservations is over 80 percent.

#6) So just how bad are things when compared to past recessions? During the 2001 recession, the U.S. economy lost 2% of its jobs and it took four years to get them back. This time the U.S. economy has lost more than 5% of its jobs and there is no sign that the bleeding of jobs will stop any time soon.

#7) Can you imagine trying to get your first job in this economic climate? Our young men and women either can’t get work or have given up on work altogether. The percentage of Americans 16 to 24 who have jobs is 13 percent lower than ten years ago.

#8) So where did all the jobs go? Over the past few decades we have allowed the corporate giants to ship mountains of American jobs overseas, and there are signs that this trend is only going to get worse. In fact, Princeton University economist Alan S. Blinder estimates that 22% to 29% of all current U.S. jobs will be offshorable within two decades. So get ready for even more of our jobs to be shipped off to Mexico, China and India.

#9) All of these job losses are leading to defaults on mortgages. Over the past couple of years we have seen the American Dream in reverse. According to a report that was just released, delinquent home loans at government-controlled mortgage finance giants Fannie Mae and Freddie Mac surged 20 percent from July through September.

#10) But that is nothing compared to what is coming. A massive “second wave” of mortgage defaults is getting ready to hit the U.S. economy starting in 2010. In fact, this “second wave” is so frightening that even 60 Minutes is reporting on it.

#11) Meanwhile, the Federal Reserve has announced that it made a record profit of $46.1 billion in 2009. Apparently during this economic crisis it is a very good time to be a bankster.

9/11 Truth

Architects & Engineers for 9/11 Truth
1193 architectural and engineering professionals and 8042 other supporters including A&E students have signed the petition demanding of Congress a truly independent investigation. Sign the petition on this site.

Ottawa 9/11 Truth
A group dedicated to educating the public and questioning our elected representatives about the issue of 9/11 truth. Education and activism.

Pilots For 9/11 Truth
Pilots for 9/11 Truth is an organization of aviation professionals and pilots throughout the globe who have gathered together for one purpose. We are committed to seeking the truth surrounding the events of the 11th of September 2001.

WhatREALLYhappened
Mike Rivero’s HUNDREDS of questions that need to be answered, plus some great articles in the archives.

Activism

Activist Post
Our new site offering independent news. Now is the time to get active!

Checkpoint USA
Standing up for our legal right to remain anonymous in America. We DO NOT have to give them our papers.

We Are Change
A grassroots organization dedicated to peace and social justice working to reveal the truth behind the events of September 11th, as well as the lies of the government and corporate elite.

One Heart Books
A variety of books about The New World order, alternative medicine, and consciousness

Peter Dale Scott
Peter Dale Scott is an eloquent inspiration for many modern researchers.

Thom Hartmann
Last Hours of Ancient Sunlight — A complete analysis of the how we let ourselves destroy our planet, as well as the personal responsibility each of us has to change our perception of what we admire.

Eugenics

L.E.A.R.N.
For or against abortion, you should know about how organizations like Planned Parenthood really operate

Health and Survival

2012 News — Lawrence Joseph
There is quite a bit of science which shows that from now until 2012 will be a very tumultuous time for the planet. One look at current earthquake activity supports Joseph’s analysis.

Dr. Len Horowitz
Tetrahedron, LLC is a non-profit educational corporation that was founded in 1978 by internationally known public health authority, Dr. Leonard G. Horowitz, to educate people around the world on matters of extreme public importance.

Journalism

Daniel Estulin
Best known for his tracking of The Bilderberg Group, Estulin is a real journalist covering many facets of The New World Order.

Dr. Paul Craig Roberts
Former Assistant Secretary of the Treasury during President Reagan’s first term. He was Associate Editor of the Wall Street Journal. Incisive columns from another real journalist.

Dr. Stanley Montieth
Bringing you the Story behind the Story, the News behind the News. Hosted by Dr. Stanley Montieth, who is a leader in the battle against the medical establishment.

McClatchy News
Truth to Power — covering topics normally off limits in the mainstream. They have done a particularly great job with their Goldman Sachs investigation.

Rick Newman
I don’t always agree with his conclusions, but Rick Newman is in the mainstream media highlighting the important issues that we often cover.

Webster Tarpley
Long-time researcher and author Webster Tarpley has an amazing record for predicting geopolitcal events. A real journalist.

Non-partisan Organizations

Campaign For Liberty
Promoting American principles of individual liberty, constitutional government, sound money, free markets, and a noninterventionist foreign policy, by means of educational and political activity.

Freedom Force International
A network of men and women from all parts of the world who are concerned over loss of personal liberty and expansion of government power.

Global Research
An independent research organization and media group of writers, scholars, journalists and activists based in Montreal. It is a registered non profit organization in the province of Quebec.

The Nature of Reality

David Icke
Icke lets information and intuition direct his course; his conclusions about the nature of reality are mind-opening. He is fearless and tireless in his quest for the prime truth and does not shrink from the term “Conspiracy”